• Subscribe
  • Contact Us
  • About LendIt Fintech News
  • Home
  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item

Lend Academy

LendIt Fintech News: Daily Coverage of Fintech & Online Lending


  • Editorial
  • Daily News
  • Podcast
  • Investor Forum
  • Events

Lending Club Debuts Five Year Loans

May 13, 2010 By Peter Renton Leave a Comment

Views: 51

Lending Club has announced the creation of five year loans, adding a longer term peer to peer loan alternative that offers lower payments for borrowers and higher interest rates for lenders.

Borrowers can now select between three year or five year term loans when borrowing, enabling them to further slash the monthly payments they make.  This should make the Company’s debt consolidation and small business loan products even more attractive to new borrowers.

Investors look to be well compensated for the increased risk that is inherent in longer term notes.  Notes from borrowers with mid-range credit will yield an incremental 74 basis points, while lower quality notes will have their yield enhanced by 1.86%.  Lending Club’s service charge on five year notes is reduced by 26 basis points as well.

Both 36 and 60 month notes can be sold in Lending Club’s secondary market partnership with FolioFN.  No word yet on whether close competitor Prosper.com intends to match the option to originate a longer term note.

Filed Under: News Tagged With: borrowing, lending, Lending Club

Views: 51

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Investor Intelligence

Peter Renton's Returns

Investor Forum

Lending Club Review

Prosper Review

Investor Resources

Most Popular Editorials

The Pure Marketplace Lending Model is Dead, the Hybrid Takes its Place

The 2018 Lending Club and Prosper Tax Guide

My Returns at Lending Club and Prosper

Map of Available States for Lending Club and Prosper Investors

Banks and Marketplace Lending Platforms: Ideal Partners?

Subscribe to the Podcast

Subscribe to the Lend Academy Podcast on iTunes
Subscribe to the Lend Academy Podcast
List of Podcast Episodes

Archives

Follow @LendAcademy Follow @LendIt

ABOUT LENDIT FINTECH NEWS

LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

Recent Editorials

  • Top 10 Fintech News Stories for the Week Ending January 16, 2021
  • Podcast 281: Sean De Clercq of Kickfurther
  • Upgrade Launches a Rewards Checking Account
  • Affirm’s IPO Takes Off Like a Rocket Ship
  • Fintech Lenders and Banks Are Ready for PPP Round Two

Copyright © 2021 · Metro Pro Theme on Genesis Framework · WordPress · Log in